Multifamily

White Oak, HIMCO Refinance 180-Unit Multifamily Property in Lansdale, Pennsylvania

by Taylor Williams February 23, 2022

LANSDALE, PA. — A joint venture between Ohio-based White Oak Partners and Hartford Investment Management Co. (HIMCO) has refinanced Flats at Lansdale, a 180-unit multifamily property located northwest of Philadelphia in Montgomery County. Built in 2014, the property features units with an average size of 1,053 square feet that are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, cyber lounge, movie theater and a dog park. Jamie Leachman, Paul Smith and Medina Spiodic of JLL arranged the five-year, fixed-rate loan, the amount of which was not disclose, through Wells Fargo on behalf of the joint venture.

February 23, 2022

Loans Massachusetts Multifamily Northeast Seniors Housing

MassDevelopment Issues $10.3M Bond Financing for Acquisition of Metro Boston Apartments

by Taylor Williams February 23, 2022

CAMBRIDGE, MASS. — MassDevelopment has issued $10.3 million in tax-exempt bond financing to Putnam School Apartments LLC, an affiliate of the Cambridge Housing Authority. The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted to multifamily in 1983; most of the housing units have not been updated since. Renovations will include upgrading mechanical, electrical, plumbing and ventilation systems, as well as installing new flooring, lighting, cabinets, counters, fixtures and appliances within the units.

February 23, 2022

Development Indiana Midwest Multifamily Top Stories

Flaherty & Collins to Build $80M Transit-Oriented Apartment Development in Michigan City, Indiana

by Kristin Harlow February 23, 2022

MICHIGAN CITY, IND. — Flaherty & Collins Properties has formed a partnership with Michigan City and the Northern Indiana Commuter Transportation District (NICTD) for the development of an $80 million apartment project. Located in Northwest Indiana, Michigan City is situated on the south shore of Lake Michigan. With a placeholder name of 11th Street Central, the 12-story project will feature a new train station for the South Shore Line stop at 11th Street. It will also include 208 luxury apartment units, more than 10,000 square feet of commercial space and a 558-space parking garage. A $649 million double track improvements project is expected to shorten the commute from Michigan City to downtown Chicago to 67 minutes, according to Michael Noland, president of South Shore Line. “With the additional trains that will be added and the reduction in travel time to and from Chicago, we expect to more than triple our daily ridership out of Michigan City,” he says. A first for the greater Chicago metropolitan region, the project is a joint development as defined by the Federal Transit Administration (FTA). An FTA joint development enables a private developer to undertake a public responsibility — in this case, the construction of …

February 23, 2022

Affordable Housing Illinois Loans Midwest Multifamily

Associated Bank Provides $20M Acquisition Loan for Illinois Affordable Housing Community

by Kristin Harlow February 22, 2022

ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.

February 22, 2022

California Development Mixed-Use Multifamily Office Retail Western

Holland Partner Group Starts Construction of $400M Courthouse Commons Mixed-Use Tower in San Diego

by Amy Works February 22, 2022

SAN DIEGO — Holland Partner Group, North America Sekisui House and Lowe have started construction of Courthouse Commons, a 37-story mixed-use project in San Diego. The $400 million project will feature 270,000 square feet of office space, 19,000 square feet of retail space and 431 apartments. Completion is slated for first-quarter 2024. Designed by Carrier Johnson + CULTURE, with Holland Construction serving as general contractor, the building will offer office spaces with 39,000-square-foot floor plates, floor-to-ceiling glass and outdoor balconies; a first-floor lobby with indoor/outdoor dining for tenants, ground-floor restaurants and retail shops; direct access to building parking; and tenant community engagement programs by onsite property manager Hospitality at Work. The ninth floor and roof decks offer panoramic views; indoor/outdoor meeting spaces; green roof space with outdoor seating and entertainment areas; private workspaces; conference rooms; flexible spaces to accommodate a variety of events; indoor/outdoor fitness facilities; and a dog run with pet turf, seating, shade and dog wash. Tony Russell and Richard Gonor of JLL are handling leasing for the office component.

February 22, 2022

California Development Multifamily Western

Joint Venture Plans 495-Unit Apartment Development in Tejon Ranch Commerce Center in California

by Amy Works February 22, 2022

TEJON RANCH, CALIF. — Tejon Ranch Co. has formed a joint venture with Majestic Realty Co. to develop up to 495 apartments on the east side of the Tejon Ranch Commerce Center (TRCC) immediately adjacent to the Outlets at Tejon. Situated on 22 acres, the project will transform TRCC into a mixed-use community offering live, work and play opportunities. Offering a mix of studio, one- and two-bedroom apartments, the development will also feature a mixed-use town square joined with a Main Street feature, a clubhouse, fitness facilities, pool area and paseos that will provide walkable connectivity throughout. Construction is slated to begin in late 2022, with delivery of the first units approximately 12 months later at the end of 2023.

February 22, 2022

Acquisitions Georgia Multifamily Southeast

Mill Creek, Wexford Sell 318-Unit Modera Prominence Apartments in Atlanta’s Buckhead District

by Julia Sanders February 22, 2022

ATLANTA — West Palm Beach, Fla.-based Wexford Real Estate Investors and Boca Raton, Fla.-based Mill Creek Residential Trust have sold Modera Prominence, a 318-unit apartment community in the Buckhead neighborhood of Atlanta, to an affiliate of Dallas-based Lone Star Funds. Alex Brown and Robert Stickel of Cushman & Wakefield arranged the sale. John Harkey and Patrick Chesser of Mill Creek represented the firm on an internal basis. Built in 2021, Modera Prominence offers studio, one-, two- and three-bedroom floorplans. The property has approximately 319,000 square feet of rentable area with an average unit size of just over 1,000 square feet. Unit features include walk-in closets, hardwood floors and in-unit washer and dryers. The ground-floor retail space totals approximately 21,000 square feet. Community amenities include a pool, fitness center, laundry facilities, elevator, movie theater and onsite maintenance. Located on 2.8 acres at 3699 Lenox Road NE, the apartment property is situated next to the Atlanta Tech Village and a MARTA station. The property is also located nine miles from downtown Atlanta and 19.6 miles from Hartsfield-Jackson Atlanta International Airport.

February 22, 2022

Loans Multifamily Texas

Ready Capital Closes $14.3M Acquisition Loan for North Austin Multifamily Property

by Taylor Williams February 22, 2022

AUSTIN, TEXAS — New York City-based Ready Capital has closed a $14.3 million loan for the acquisition, renovation and stabilization of an unnamed, 112-unit apartment complex in North Austin. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 22, 2022

Loans Multifamily Texas

Terrydale Capital Arranges $12.6M Acquisition Loan for Dallas Multifamily Portfolio

by Taylor Williams February 22, 2022

DALLAS — Dallas-based Terrydale Capital has arranged a $12.6 million acquisition loan for a portfolio of three multifamily properties totaling 108 units that are located in Old East Dallas. Culby Culbertson of Terrydale Capital arranged the three-year loan, which carried a 4.5 percent fixed interest and an 80 percent loan-to-value ratio. The names of the properties and the borrower were not disclosed.

February 22, 2022

Acquisitions Multifamily Seniors Housing Texas

CareTrust Acquires 155-Bed Skilled Nursing Facility in Ennis, Texas

by Taylor Williams February 22, 2022

ENNIS, TEXAS — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Ennis Care Center, a 155-bed skilled nursing facility located in the southern Dallas suburb of Ennis. The seller and sales price were not disclosed. The facility will be added to CareTrust’s existing master lease with affiliates of Eduro Healthcare, which took over operations on Feb. 1.

February 22, 2022

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